Required information [The following information applies to the questions displayed below.) Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost $ 6 7 Total Cost $36,000 63,000 99,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,000 3,000 6,000 14,000 10,000 units were on hand at the end of the month. transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost $ 6 7 Total Cost $36,000 63,000 99,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,000 3,000 6,000 14,000 10,000 units were on hand at the end of the month. Required: 1. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, periodic system FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic Fifo Cost of Cost per Goods # of units # of units Cost per Cost of # of units Cost per Ending unit Available for sold unit Goods Sold in ending unit Sale Inventory Inventory 9,000 $ 5.00 $ 45,000 $ 5.00 $ 0 $ 5.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 0 6,000 $ 6.00 9,000 $ 7.00 24,000 36,000 63.000 144,000 $ $ 6.00 7.00 $ $ 6.00 7.00 0 0 0 0 $ 0 $ 0 0 $ Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost $ 6 7 Total Cost $36,000 63,000 99,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 5.000 3,000 6,000 14,000 Total 10,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Avaliable for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory. Periodic LIFO LIFO # of units sold Cost per Cost of Cost per Goods #of units unit Available for Sale 9,000 $ 5.00 $ 45,000 Cost of Goods Sold Cost per unit # of units In ending Inventory unit Ending Inventory $ 5.00 $ 0 $ 5.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 6.00 0 6.00 0 8,000 $ 6.00 9,000 $ 7.00 24,000 30,000 63,000 144,000 $ $ $ $ 7.00 7.00 0 0 $ 0 $ 0 0 0 $
